Business Briefs

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– Computer Sciences Corp.

, an El Segundo-based technology services and outsourcing firm, reported net income of $411.8 million ($2.13 per diluted share) for the fourth quarter ended April 1, compared with of $190.6 million ($1.01) for the like period a year earlier. Revenue rose to $3.9 billion from $3.6 billion in the year-ago period.


Fourth-quarter net income included $245.2 million ($1.27 a share) from a gain on discontinued operations and an $18.4 million charge (10 cents a share) related to debt redemption.


The company anticipates full-year 2006 earnings in the range of $3.20 to $3.30 per share, first-quarter revenue of approximately $3.5 billion, and first-quarter earnings in the mid-50 cents-a-share range.





Standard & Poor’s Ratings Services placed the long-term ratings of

Walt Disney Co.

, including its BBB+ corporate credit rating, on CreditWatch with positive implications. Disney’s A-2 commercial paper ratings were affirmed. The possible increase by Standard & Poor’s to an A- rating reflects improved performance at Disney’s theme parks and media networks, S & P; said. S & P; said it expects to conclude its reassessment of the rating within the next two weeks.



– Cherokee Inc.

, a Van Nuys-based brand licensor, said its client Rachel Ashwell’s Shabby Chic entered into an exclusive international license agreement with retailer Hudson Bay Cos. for Canada. Detailed terms of the multi-year agreement were not disclosed, but it includes home textiles, furnishings and accessories.



– Global ePoint, Inc.

, a City of Industry-based manufacturer of digital video surveillance systems, reported a loss of $1.7 million (17 cents per diluted share) for the first quarter ended March 31, compared with a loss of $362,000 (3 cents) for the like period a year earlier. Revenue rose to $5.5 million from $4.4 million in the year-ago period.



– Flamemaster Corp.

, a Sun Valley-based coatings and sealants manufacturer, reported net income of $196,262 (17 cents per diluted share) for the first quarter ended March 31, compared with $123,745 (10 cents) for the like period a year earlier. Revenue rose to $1.3 million from $1.2 million in the year-ago period.



– Silver Star Energy Inc.

announced that it canceled its financing agreement with Cornell Capital Partners LP. The L.A.-based oil and natural gas reserves exploration firm received from Cornell one half of a secured $1.5 million bridge loan totaling $750,000 in December. The loan was provided as part of a convertible debenture that could be paid back in cash or converted to stock. In addition, Silver Star will not be proceeding with an agreement that committed Cornell to provide up to an additional $10 million of funding over a 24-month period.

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